The URL can be used to link to this page

Home My Public Portal AboutOrd 554 Lease Property from PBCGILMORE & BELL, P.C. t111212014 (Published in THE ARKVALLEY NEWS on November 20,2014) ORDINANCE NO. SS+ AN ORDINANCE AUTHORIZING THE CITY OF BEL AIRE, KANSAS TO ENTER INTO A LEASE WITH THE BEL AIRB, KANSAS PUBLIC BUILDING COMMISSION WHEREBY THE CITY WILL LEASE FROM THE PUBLIC BUILDING COMMISSION CERTAIN PROPERTY, INCLUDING A CITY HALL FACILITY: TO ENTER INTO A LEASE WITH SAID PUBLIC BUILDING COMMISSION WHEREBY THE CITY WILL LEASE FROM THE PUBLIC BUILDING COMMISSION CERTAIN PROPERTY, INCLUDING A SWIMMING POOL FACILITY AND WASTBWATER IMPROVEMENTS; APPROVING THE FORM OF SAID LEASE; AND AUTHORIZING THE EXECUTION THEREOF AND CERTAIN RELATED DOCUMENTS. WHEREAS, pursuant to K.S.A. 12-1757 el seq. and Charter Ordinance No. l0 (ointly, the "Act") of the City of Bel Aire, Kansas (the "City"), the City of Bel Aire, Kansas Public Building Commission, a duly organized municipal corporation (the "PBC" or "lssuer") created by the City, has heretofore issued its 1."ulnu" bonds to provide funds to (a) construct, furnish and equip a City Hall improvement in the City (the ',City Hall Impiovements"), and (b)construct, furnish and equip ceftain park and swimming pool impiovements and certain wastewater effluent line improvements of the City (the "Swimming Pool/Wastewater lmprovements"), and has leased to the City such City Hall Improvements and Swimming Pool/Wastewater Improvements, with certain land associated therewith (the "Land"); and WHEREAS, the PBC heretofore issued and has outstanding its Refunding Revenue Bonds, Series 2006 (the "series 2006 Bonds"), which financed and refinanced the City Hall Improvements, and is authorized by the Act and K.S.A. l0- I l6a to issue refunding revenue bonds of the PBC for the purpose of refunding the Series 2006 Bonds maturing in the years 2015 through2036, inclusive (the "2006 Refunded Bonds");and WHEREAS, the PBC heretofore issued and has outstanding its Taxable Revenue Bonds, Series B, 2003 (the "series B,2003 Bonds") and Revenue Bonds, Series A,2004 (the "series A,2004 Bonds"), which financed the Swimming Pool/Wastewater Improvements and is authorized by the Act and K.S.A. l0- I l6a to issue refunding revenue bonds ofthe PBC for the purpose ofrefunding the outstanding Series B, 2003 Bonds and Series A,2004 Bonds (as further defined herein, the "2003 and2004 Refunded Bonds"); and WHEREAS, in order to achieve interest cost savings through early redemption of the 2006 Refunded Bonds and 2003 and2004 Refunded Bonds (jointly the "Refunded Bonds"), and to provide an orderly plan of finance for the City, it has become desirable and in the best interest of the City that the PBC issue the Tax- Exempt Lease Revenue Refunding Bonds, Series A,2014 in the amount of approximately $3,275,000 (the "series A,2014 Bonds") and the Taxable Lease Revenue Refunding Bonds, Series 8,2014 (the "Series B, 2014 Bonds") to refund the Refunded Bonds; and WHEREAS, in connection with the issuance of the Series A, 2014 Bonds, the City hereby determines that it is in the best interest of the City to enter into a Lease with the PBC (the "Series A,2014 Lease"), to provide for the refinancing ofthe City Hall Improvements and the leasing thereof and associated Land by the PBC to the City; and KMC\60 I 267 OO7\CITY LEASE ORDINANCE WHERBAS, in connection with the issuance of the Series B, 2014 Bonds, the City hereby determines that it is in the best interest of the City to enter into a Lease with the PBC (the "Series 8,2014 Lease"), to provide for the refinancing of the Swimming Pool/Wastewater lmprovements and the leasing thereof and associated Land by the PBC to the City; and WHEREAS, the Series A,2014 Lease shall provide sufficient funds to pay principal and interest on the Series A,2014 Bonds; and WHEREAS, the Series 8,2014 Lease shall provide sufficient funds to pay principal and interest on the Series 8,2014 Bonds. NOW THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BELAIRE. KANSAS: SECTION 1 The governing body hereby finds and determines, pursuant to the Act, that (i) acquiring and refinancing the City Hall lmprovements; (ii) leasing the City Hall Improvements and associated Land from the PBC under the terms and provisions set fodh in tlre Series A, 2014 Lease; and (iii) the issuance of the Series A,2014 Bonds by the PBC are necessary convenient and in furtherance of the governmental purposes of the City. The governing body hereby finds and determines, pursuant to the Act, that (i) acquiring and refinancing the Swimming Pool/Wastewater lmprovements; (ii) leasing the Swimming Pool/Wastewater Improvements and associated Land from the PBC under the terms and provisions set forlh in the Series B, 2014 Lease; and ( iii) the issuance of the Series B, 201 4 Bonds by the PBC are necessary, convenient and in fuftherance of the governmental purposes of the City. SECTION 2. The Series A, 2014 Lease and Series 8,2014 Lease, in substantially the forms presented to this meeting of the governing body, are in all material respects approved, authorized and confirmed. The Mayor and the City Clerk are hereby authorized and directed to affix their signatures and the seal of the City to such Leases, for and on behalf of the City, with such changes therein as the City Attorney may deem necessary or appropriate. SECTION 3. The City hereby covenants with D.A. Davidson & Co., the "Purchaser" of the Series A,2014 Bonds and Series 8,2014 Bonds, and with the Beneficial Owners of the Series A,2014 Bonds and Series 8,2014 Bonds, to provide and disseminate such information as is required by the SEC Rufe l5c2-12, and as further set forth in the City's Omnibus Continuing Disclosure Undertaking, the provisions of which are incorporated herein and in the Series A,2014 Lease and Series 8,2014 Lease by reference. Such covenant shall be for the benefit ofand enforceable by such Purchaser and the Beneficial Owners of the Series A.2014 Bonds and Series 8,2014 Bonds. SECTION 4. Subject to the conditions set forth herein, the Mayor and City Clerk are hereby authorized to execute any and all documents and take such actions as they may deem necessary or advisable in order to carry out and perform the intent of this Ordinance. SECTION 5. The Mayor and City Clerk are hereby authorized to execute any and all documents, including the Series A,2014 Lease and Series 8,2014 Lease and bond purchase agreements for the Series A,2014 Bonds and Series 8,2014 Bonds and take such actions as they may deem necessary or advisable in order to carry out and perform the intent of this Ordinance, subject to the satisfaction of the following parameters: (a) the principal amount of the Series A,2014 Bond shall not exceed $3,300,000 and the true interest cost ("TIC") on the Series A.,2014 Bonds shall not exceed 2.80%; and (b) the principal amount of KMC\60I267-OO7\C]TY LEASE ORDINANCE ) the Series 8,2014 Bond shall not exceed $1,250,000 and the TIC on the Series 8,2014 Bonds shall not exceed 3.97%. SECTION 6. All action heretofore taken (not inconsistent with the provisions of this Ordinance) by the City or the officials of the City, directed toward the acquisition and refinancing of the City Hall Improvements and Swimming Pool/Wastewater Improvements, and the leasing thereof and of associated Land from the PBC, are hereby ratified, approved and confirmed. SECTION 7. This Ordinance shall be effective from and its adoption by the governing body of the City. KMC\60I267.007\CITY LEASE ORDINANCE PASSED by the Governing Body of the City of Bel Aire, Kansas, on November 18, 2014 and APPROVED and SIGNED by the Mayor. THE CITY OF BELAIRE, KANSAS Mayor KMC\60I267.007\CITY LEASE ORDINANCE